October 15, 1932. Mrs. Nancy C. Russell, Trail’s End, 725 Michigan Blvd., Pasadena, Cal. My dear Mrs. Russell, Inasmuch as Mr. Peters has just gone away for a short vacation and I have been taking care of his mail, I came across your letter of October 10th. In regard to your two accounts here, I was going over these two accounts a short time ago. The idea occurred to me that perhaps the proper thing for you to do, would be to com- bine your two accounts. As you probably know, you “B” account has debit of $7,087.00 at this particular date without any securities, and your regular account has a credit balance of $2,123.00 with you list of securities, which, no doubt, you are familiar with. If we combine these accounts, it would be better for you to sell one or two securities on any rally which we might have in the stock market, in order to pay off the debit balance which would remain after combining these accounts. In my opinion, this would leave you in a much stronger position, and you would have nothing to worry about. However, when Mr. Peters comes back, I will take the matter up with him but, in the meantime, I would appreciate if you would let me know if this procedure would meet with your approval. We certainly miss not being able to get out West this summer but we hope that next summer we will be able to and see something of you and Jack. Please give my best regards to Jack, of course, not forgetting yourself. Mother sends her love. Sincerely, [signed] Bud Mackay MSM/N [Transcribed by Lauren B. Gerfen, 2012-05-04]